While Anatoliy Bibilov tried to boost his electoral chances by tying himself more tightly to Russia, analysts say his defeat will still not likely result in any substantial change in relations with Moscow.
The dram has gained about 15 percent against the dollar in recent weeks, bolstered by an influx of Russians to Armenia and a move to buy gas in rubles rather than dollars.
Even as opposition mounts to the government’s negotiating strategy with Azerbaijan, it’s unclear whether the protest leaders can offer a credible alternative.